Homeowners almost certainly have homeowners insurance. It’s just part of the deal that comes with purchasing a home. However, have you ever thought about renters insurance to cover the space you’re renting or leasing? While it’s not always mandatory to have, it’s a smart and inexpensive investment to budget for and purchase.
So, how much is renters insurance and why do you need it? We’re going to answer all of your questions and hopefully convince you to get your own renters insurance policy.
What is renters insurance and why do I need it?
Like any insurance policy, renters insurance is a way to financially safeguard yourself and your property from damage, loss or theft.
When homeowners buy homeowners insurance, they are protecting the home itself and the contents inside. While renters don’t own the building that they live in, they do have personal property inside of the apartment that has monetary value. Renters insurance is an insurance type specifically for those who rent or lease that will cover their assets.
Landlords or apartment owners will have insurance policies in place that protect and cover their buildings and physical property. But, it won’t cover the tenant’s personal belongings if something happens. That’s why renters insurance is something you’ll want to have. Here are a few scenarios where renters insurance would come in handy:
Theft: If you experience a robbery or burglary, renters insurance would cover the cost of the stolen items
Vandalism: If someone vandalizes your apartment, renters insurance would cover the damage and repairs
Fire: If there is a house fire that damages the apartment, renters insurance covers the cost of loss
Plumbing issues: If you have major plumbing issues that damage the apartment, you’d be covered
Injuries that happen in your apartment: If someone else is hurt within your apartment, renters insurance covers their medical fees
These are some, not all, of the situations that renters insurance would cover. Keep in mind that renters insurance will cover a good variety of personal possessions, but it may not cover every single item in your place. It’s a good idea to know what is and isn’t covered and to protect yourself from the worst-case scenario as things happen to everyone, including renters.
How much is renters insurance?
Okay, so we’ve convinced you that renters insurance is a good idea, but you’re wondering how much renters insurance is per month? After all, if it’s a monthly expense you’ll need to budget for it. Good news — renters insurance cost is relatively inexpensive.
While there isn’t a flat rate for all renters insurance policies, generally, it costs $15 to $30 per month or up to $360 annually. When you think about the cost of everything you own— clothes, computers, TVs and tech — $30 a month isn’t too hefty a price to protect your possessions.
Depending on the insurance company, you can either pay monthly, bi-annually or annually. Sometimes, you’ll even get a discount if you pay for the full year in full, making the month-to-month cost even cheaper.
Factors that influence the cost of renters insurance
Renters insurance costs will vary by person, place and policy. If you’re considering purchasing a renters insurance policy, you can do some comparison shopping to make sure you’re getting the best bargain.
As you’re searching for a policy that fits your needs, here are a few things to keep in mind that’ll influence your cost:
Coverage types
The two most common types of renters insurance are personal property insurance and liability insurance. If you purchase a plan with both coverage types, you’ll pay more per month.
Personal property insurance
This type of plan covers your personal property and everything inside the apartment.
Liability insurance
This type of plan covers you if an injury happens to someone in your apartment and they file a claim against you.
Location
The cost of renters insurance varies by neighborhood, city and state. Generally, if the housing market itself is more expensive in a certain area, the cost of an insurance policy will probably be higher, too.
Pets
While dogs are man’s best friend, they aren’t when it comes to getting a renters insurance policy. Unfortunately, having a pet may increase the cost of your renters insurance policy because pets can cause additional damage to the apartment.
Previous claims
If you’ve had renters insurance in the past and filed several claims, your premium will likely be higher compared to people who have never filed claims.
Credit history
Credit is king and a higher credit score will equal lower monthly payments.
Coverage limits
With a renters insurance policy, you can choose how much coverage or protection you want. For example, let’s say you took inventory of your items and assessed that they added up to $10,000 worth of goods. You’d want to get a renters insurance policy with a coverage limit that was at least $10,000 to cover your losses. As your coverage limit increases, so will the cost of your monthly payment.
How do I find renters insurance?
Almost all insurance agencies will offer renters insurance policies. If you have car insurance or another type of insurance plan, you could bundle and save by adding an additional renters insurance policy.
You can get quotes from each of them to see where you’ll get the best deal. Here are a few insurance companies to consider when looking for a policy that fits your needs:
Secure your apartment with an insurance plan
You want to feel safe and secure in your apartment and know that you’re financially protected should something happen to your home.
Renters insurance is one way to secure your possessions and safeguard yourself from an emergency. At a relatively low cost, you can save yourself thousands of dollars and lots of stress in the worst-case scenario.
The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or financial advice as they may deem it necessary.
Sage Singleton is a freelance writer with a passion for literature and words. She enjoys writing articles that will inspire, educate and influence readers. She loves that words have the power to create change and make a positive impact in the world. Some of her work has been featured on LendingTree, Venture Beat, Architectural Digest, Porch.com and Homes.com. In her free time, she loves traveling, reading and learning French.
Nvidia, best known for manufacturing graphics processing units and integrated circuits, has been a hot topic among investors during the artificial intelligence boom. Here’s what to consider when deciding if Nvidia has a place in your investment portfolio, and how to buy it.
How to buy Nvidia stock
You can buy Nvidia stock through an online brokerage account. You’ll need to put money in the account, then search for Nvidia stock within the brokerage’s platform.
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1. Do your research into Nvidia
Investing in a top-performing S&P 500 stock might be tempting, but choosing which stock to buy based on how it’s currently performing — or even how it’s performed in the past — won’t tell you everything you need to know.
Make sure you do some qualitative and quantitative research on a company you’re considering investing in to get the full picture. This can mean looking into the company’s leadership, competition and financials.
You’ll also want to think big picture when deciding what stock to pick, like what your investment goals are and if Nvidia might be part of the path toward achieving them.
2. Decide if Nvidia makes sense for you
Stocks are long-term investments. It can be good to prioritize an emergency fund and your short-term financial goals before you consider investing. Short-term financial goals might look like paying down debt, saving money to travel or planning for home improvements.
As a general rule of thumb, it’s recommended that you only invest in stocks with money you won’t use in the next five years — this allows your investment time to survive any market fluctuations.
When it comes to investing, you also don’t want all your eggs in one basket. Having a diverse portfolio of investments means if one type of investment falls, those losses could be offset if a different type of investment rises. So if the majority of the stocks you own fall into the technology category, you might consider investing in something different to reduce the risk of big losses if the technology sector takes a dive.
3. Open a brokerage account
If you don’t have a brokerage account already, you’ll need one to buy Nvidia stock. But opening an account online is quick and simple — it should only take about 15 minutes, and then you’re ready to buy. It’s a good idea to double-check that the online broker you’re signing up for offers the specific investment you’re interested in.
When weighing brokers, look for one that has low or no account fees, requires no account minimum and has positive ratings from users.
If you’re not in the financial position to buy a full share of Nvidia, or you just don’t want a full share, it might be worthwhile to look into brokers that offer fractional shares. This would allow you to buy a portion of Nvidia stock as opposed to a full share. That’s because fractional shares are based on a dollar amount instead of the number of shares.
4. Consider how much to invest in Nvidia
You’ll want to think about how many shares of Nvidia you want to buy and what type of order you want to use.
How many shares of Nvidia you buy is up to you. But you’ll want to consider what kinds of investments you already have and how comfortable you are in your other financial goals before making a decision.
After you’ve decided how many shares to buy, there are a few ways to make your purchase, including market, limit, stop-loss and stop-limit orders. Generally, market orders are the easiest for beginners.
Looking to build your investing portfolio further? The process of buying stocks is generally the same across the board. Check out our full guide on how to buy stocks for more info.
Neither the author nor editor held positions in the aforementioned investments at the time of publication.
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Mortgage demand increased last week as mortgage rates fell to their lowest levels since August 2023, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
For the week ending December 1, total mortgage applications increased 2.8% compared to the prior week, the survey showed. The results include an adjustment for the observance of the Thanksgiving holiday.
mortgage rates, the rates remain high and have kept conditions challenging for both prospective homebuyers and homeowners looking to sell. They have also continued to suppress refinance activity.
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“Mortgage rates declined last week, with the 30-year fixed-rate mortgage falling to 7.17 percent – the lowest level since August 2023,” said Joel Kan, MBA vice president and deputy chief economist. “Slower inflation, and financial markets anticipating the potential end of the Fed’s hiking cycle, are both behind the recent decline in rates.”
The Market Composite Index, which measures mortgage loan application volume, increased 2.8% on a seasonally adjusted basis from the prior week, and decreased 43% on an unadjusted basis, MBA said.
The Purchase Index decreased 0.3% on a seasonally adjusted basis, compared to the prior week. On an unadjusted basis, the index increased 35% from the prior week and fell 17% from the same week a year ago.
The Refinance Index, which measures refinancing and prepayment activity, increased 14% from the prior week and was 10% higher than the same week a year ago. The refinance share of mortgage activity increased to 34.7% of total applications from 30.6% the previous week.
The FHA share of total applications increased to 15% from 13.5% the prior week. The VA share increased to 12.8%, from 12.6% in the week prior, and the USDA share remained unchanged at 0.5% from the week prior.
“Refinance applications saw the strongest week in two months, increasing on a year-over-year basis for the second consecutive week for the first time since late 2021,” Kan said. “The overall level of refinance applications is still very low, but recent increases could signal that 2023 was the low point in this cycle for refinance activity, consistent with our originations forecast. Purchase applications remained 17 percent lower than a year ago, held back by low inventory and still-challenging affordability conditions.”
The news many American homeowners and homebuyers have been waiting for is starting to arrive.
Mortgage interest rates are coming down again, albeit not in a major way. Still, any drop is a welcome one, particularly after they hit the highest point since 2000 earlier in 2023. As of December 8, 2023, the average mortgage rate for a 30-year loan is 7.41% while the average 15-year refinance rate is 6.69%. While these pale in comparison to the rates buyers and owners could have secured just a few years ago, they’re still heading in the right direction. Just look at the beginning of November when the 30-year loan rate was 8.06% and the 15-year refi rate was 7.20% for confirmation.
Against this backdrop, many current owners may be wondering if now is the time to refinance their existing homes. While mortgage refinancing may not be for everyone, there are some major signs to look for that could indicate it’s the right time for you to act. Below, we’ll break down three big signs it’s time to refinance now.
Not sure what mortgage refinance rate you’d qualify for? Find out here now.
3 big signs it’s time to refinance your mortgage
Does a mortgage refinance make sense for you now? Here are three major signs it may be time to get started.
You can get a lower interest rate than what you already have
While a 6.69% refinance rate isn’t considered a bargain by many (particularly when they were under 2% just a few years ago), it could be lower than what you currently have. If you have an adjustable-rate mortgage (ARM) currently, for example, you could be paying more than that. So by refinancing, you’ll save money that otherwise would have been going to interest. That said, there are a few caveats to be aware of.
First, make sure that the new rate is at least one point lower than your existing one. Many experts don’t recommend making the switch if the difference isn’t at least that large. Secondly, you’ll want to make sure that you can afford a larger payment. By refinancing into a shorter term, your loan will become condensed and your payments will increase, even at a lower rate. So crunch the numbers before proceeding — or look at refinancing into a 30-year loan instead. Finally, be sure that you’re planning on staying in the home long enough to recoup the closing costs required to refinance. If you’re not, it doesn’t make sense to act, even if you could get some short-term relief.
Explore your mortgage refinancing options here to see if it’s right for you.
You want to get rid of the loan sooner
Let’s say you recently inherited a large sum of money or your job situation has changed dramatically. In these instances, and some others, you may want to pay down your existing debt quicker. And with mortgages being some of the biggest monthly payments Americans have, it makes sense to look to a refinance.
By refinancing to a shorter time frame, you’ll have larger payments to make now, but for a much shorter period than you would have if you kept your loan on the current pace. Plus, you’ll save significant sums of money that otherwise would have gone to the lender in the form of interest.
Your finances have changed
Your finances may have changed since you first took out your loan. If you received an adjustable-rate mortgage, for instance, you may have since seen your interest rate increase significantly. In this case, you may want to refinance to a lower, fixed rate instead.
It’s also possible that you put a down payment of less than 20% when purchasing your home, thus mandating a private mortgage insurance (PMI) payment to the lender. But if you’ve since accumulated that 20% in equity (and you probably have, since millions of homeowners now have hundreds of thousands of dollars worth of usable equity), then it may make sense to refinance and have the PMI dropped.
Only you will know which circumstances apply and which ones don’t. Take a closer look at your mortgage loan and paperwork and crunch the numbers to see. You may be surprised at what you could save by acting now.
The bottom line
While a mortgage refinance can make sense for many in a low-rate environment, it may not be as beneficial now, even if rates are dropping in a favorable direction. That said, it can make sense to act now if by refinancing you can get your rate lowered by one point (or more). It may also be helpful to refinance to a shorter term if your goal is to rid yourself of the loan as soon as possible. And if your finances have since changed — your ARM rate has gone up or you’re still paying PMI when you don’t need to — it may be a sign that a refinance is right for you. As with all personal financial decisions, be sure to crunch the numbers carefully and review your budget before acting. By doing so, you’ll know if a mortgage refinance really makes sense for you now, or if it just appears that way.
Learn more here now.
Matt Richardson
Matt Richardson is the managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.
Federal Reserve may finally be done raising interest rates in its bid to tame lower inflation.
it reached 7.79%, the highest level on records going back to late 2000.
The recent downward shift in mortgage rates is a welcome development for prospective homebuyers facing a housing market that remains unaffordable to many Americans.
While sales of previously occupied US homes are down 20.2% through the first 10 months of this year, home prices have kept climbing amid a stubbornly low supply properties on the market.
But as mortgage rates ease, they boost borrowers’ purchasing power, increasing how much home they can afford.
Still, the average rate on a 30-year home loan remains sharply higher than just two years ago, when it was 3.10%.
The large gap between rates now and then is contributing to the low inventory of homes for sale by discouraging homeowners who locked in rock-bottom rates two years ago from selling.
So far, the pullback in rates has spurred a pickup in demand for home loans.
Mortgage applications notched their fifth consecutive weekly increase last week, according to the Mortgage Bankers Association.
Several housing economists are projecting that mortgage rates will continue to ease in 2024, though the forecasts call for the average rate on a 30-year home loan to remain above 6%, still about double what the average rate was just two years ago.
As many college students will attest, regularly buying food on campus is not only expensive, but often unhealthy. Buying your lunch for 10 dollars a day at the fast food restaurants, pizza joints, and coffee shops on campus can really add up, and most have limited healthy menu options. Taking the time to plan out your lunches and pack healthy meals for college students can make a huge difference in your energy levels throughout the day. Best of all, there are easy meals for college students that you can whip up on a budget.
The following meal plan shows how to eat on a college budget and offers healthy lunch recipes and easy meals for college students. The guide features tips from Jacqueline de Grave, a former student and college athlete who is passionate about cooking and eating well on a budget, and it’s also been reviewed by Kathryn Alp, a registered dietitian.
Monday
Rice and Beans
How to eat on a college budget starts with this quick and easy meal that you can make in a big batch a night or two in advance. It’s just what you’re looking for on a busy week with back-to-back tests and papers. Choose brown rice to hike up your fiber intake and add all sorts of veggies like corn, avocado, tomatoes and peppers for even more nutrition and flavor. Black beans and kidney beans work well, but you can also try other varieties like navy, white or chickpeas. Bean dishes can be perfect healthy meals for college students—and they can be done on a college budget.
Tuesday
Super Salad
It’s time to revamp your tired bowl of greens by topping it with tasty sources of protein and fiber. In addition to your favorite fruits or vegetables, try adding chickpeas, chicken breast, canned tuna or a sliced hard-boiled egg to keep you full throughout the day as you go from class to class. Hemp hearts are another great source of protein that are delicious sprinkled on top of salads. You may even be able to throw one of these together at your cafeteria’s salad bars when you’re on the hunt for easy meals for college students.
One of de Grave’s creations is a super simple orzo pasta salad with ground turkey, veggies, and feta cheese.
“Salads don’t have to be boring,” de Grave says. “I love to have fun mixing up ingredients that vary from pasta salads, chickpea or bean salads, to chicken salad sandwiches or chicken salad on a bed of greens. As long as you are willing to get creative with your ingredients, salads can take on many shapes and flavors and be perfect for light snacks or heartier meals that are easy to carry around.”
Wednesday
Pita Pockets
Sounds like the perfect budget meal to accompany a marathon study session, right? You can also put it on your list of healthy meals for college students. Variations include marinated tofu for vegetarians or sliced chicken breast or pork chop for meat eaters. Stuff the pita with bean sprouts, cucumbers, tomatoes, onions, avocado, and Greek yogurt and voila: You’ve got a quick, easy lunch that’s cheaper and healthier than an sandwich or burger at any campus fast food joint. Go ahead and get creative with your fillings.
“I sometimes replace the pita with romaine lettuce,” de Grave says. “Topping it with veggies, chicken, ground turkey, or chicken and homemade dressings is a super simple way to throw together a quick and affordable meal.”
Thursday
Egg Salad and Tuna Sandwich
How to eat on a college budget? Look no further than this mashup of two classic (and inexpensive) sandwich toppers: egg salad and tuna. You can splurge on your favorite veggie toppings. Use low-fat mayonnaise or Greek yogurt and hearty whole grain bread to make this an even healthier option.
“Carbs provide us with the only source of fuel for our brains,” Alp says. “If you eat enough high-quality carbs like whole grains, fruits and vegetables—that’s going to be your brain food,” she adds.
Friday
DIY Fresh Spring Rolls
These are a little bit more time consuming to prepare, but totally worth it if you’re looking for healthy meals for college students. Simply roll up vegetables and your favorite protein in rice paper, and serve with your favorite dipping sauce. You can use any filling you like including chicken breasts, avocado, or cherry tomatoes. Tofu is a great alternative because it can be cheaper than meat and can absorb any flavor, making it very versatile.
Daily Snacks
When learning how to eat on a college budget, it’s important to curb your hunger with healthy snacks throughout the day. For a well-balanced snack, Alp recommends including a food high in protein or fiber combined with carbs from fruits or vegetables. Need a few ideas to get you going? Get started with these:
Healthy Granola Cookies
Granola-based cookies can be tailored to all taste buds. Make them sweet by adding cacao nibs and plenty of dried fruit like cranberries, blueberries, and raisins, or opt for higher protein with peanut butter, coconut flakes, slivered almonds and pumpkin seeds. Buying the dried fruit, nuts and seeds at your nearest bulk store can make them more affordable.
Overnight Oats
Make this delicious and inexpensive snack in a mason jar and leave it in your fridge overnight. You can get creative with this one and add anything from cocoa to pumpkin puree to fresh fruit and peanut butter.
Homemade White Bean Dip
Make this dip in a big batch in advance and store it in sealed containers for up to three days. Serve with pita, sliced veggies or crackers.
Ants on a Log
Nope, it’s not just for kids. This one is a fun, easy meal for college students. Top celery stalks with peanut butter and raisins the good old fashioned way or experiment with other toppings.
If eating on campus is your only option, keep these tips in mind for eating well in a pinch…
Alp says there is one key area where college students often slip up. “Drinking your calories. If I could tell everyone to quit juice, I would,” she says.
Alp suggests avoiding soda or juice because these drinks can contain added sugar that can slow you down over the course of the day. Even so-called “sports drinks” can pack a lot of sugar into just one bottle.
And when you need an extra caffeine kick, consider avoiding energy drinks or sweet coffee drinks. Not only do these drinks cost a pretty penny, many pre-made coffee drinks have more sugar than a can of soda.
“If students choose water over juice, extra sugar in their coffee, energy drinks or pop they would be cutting quite a lot of calories out of their diet,” Alp says.
Because sometimes it’s impossible to avoid the food court when you’re stuck on campus all day, Alp has some guidance for choosing the healthiest option from fast food restaurants.
“Choose tomato-based sauces over cream sauces. Choose the grilled option over the fried option. And choose the whole wheat option whenever possible,” she says.
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Graduating college is a big deal. The time you spent in school has likely taught you a lot about the subjects you studied, being organized and meeting deadlines, and life in general. Once you have your degree, you’ll put those skills to good use as you embark on your career and independent life. No more dining hall, no more dorms…it’s time to launch adult life and figure out how to make your own way.
To help you deal with some of the basics (like a job and banking), read on. You’ll find valuable tips to help you through the first steps of post-grad life.
Life After College
Congrats on your degree! Now, on to the next challenge after graduating college. It’s time to tackle adulting, which can include such things as getting set up in your new living situation, finding your favorite brunch spot, and making new friends if your college pals have scattered to different places.
In addition, there are some major daily-life tasks to wrangle:
• Finding and holding a job
• Taking control of your health and your health insurance
• Keeping your brain active, which may lead to more studies
• Managing your money.
Read on to get some helpful advice on these last four topics (you can probably find the best brunch spot in your new neighborhood without too much help). 💡 Quick Tip: Enjoy no hidden fees and special member benefits when you refinance student loans with SoFi.
Getting to Work
Hopefully you enjoyed a few weeks off post-grad to travel or kick back and relax after four years of hard work. But what to do after college for many people is find work.
When you’re ready to begin your job search, it can be a lot to process. Chances are, it’s time to focus on taking steps towards building your career.
First off, don’t let job searching stress you out. New grads are in luck. Unemployment is low, and the labor market is strong. According to a recent survey by the National Association of Colleges and Employers, companies expected to hire almost 4% more class of 2023 grads than they did from the previous class.
Not sure where to look for work or what you should be earning? Research, network, and research some more.
• Your school’s career services office may provide job leads, and its alumni office may be able to network you with people in your field who can share insights.
• Search for jobs online. There are many job boards, such as Indeed and ZipRecruiter, to access.
• Put out the word among friends, families, past internship supervisors, and others.
• To gain intel on starting salaries, try an online salary calculator. You provide some basic info like your location and experience, and their tool tells you what the average salary for your desired role is. While this tool can only provide an estimate, it may help you determine if you should try to negotiate for a higher salary when you receive a job offer.
Taking Your Health into Your Own Hands
As part of learning how to navigate life on your own, make sure you take the reins of your healthcare. Mom and Dad likely aren’t scheduling those biannual dental checkups for you anymore.
Whether you’re still on your parent’s policy or are buying your own health insurance, getting more familiar with the resources your healthcare plan provides is never a bad idea.
It can help you stay on top of scheduling check ups, dental cleanings, and eye exams. You may also need to learn the ropes of finding in-network doctors as you move to a new place or get your own policy.
And you might want to start saving for any unexpected medical or dental bills that may arise. Having an emergency fund at the ready can be an important step to financial wellness in this new chapter of your life.
Speaking of wellness: You may feel swamped by post-grad life, but it’s such an important time to prioritize your well-being. It might be helpful to make time to go to the gym each week, meditate, cook healthy meals, and get a good night’s sleep. Getting into good health habits is an excellent adulting accomplishment. 💡 Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.
Continuing Your Learning
It’s normal after college to need a little break from learning. For the first time in your life, there is no one telling you what to read or what classes you have to take. But once the dust has settled and you’ve had a rest from hitting the books, you might try to prioritize learning. Not only does it keep your brain sharp, it can also help boost your career.
For example, you could consider obtaining a professional license related to your career or industry. According to the most recent intel from the Bureau of Labor Statistics, 24% of workers have some sort of professional license or certification. Having one may give you a competitive boost at work or while job searching. You can go the extra mile to develop more skills needed in your career through an online class or professional conference.
What’s more, additional learning and training could lead to a profitable side hustle or gig work. For instance, you might be able to pick up extra cash during tax season supporting professional tax preparers.
Learning-wise, not all of what you do after graduation has to go towards career advancement, of course. Take that cool history of film class at your local community college. Join a book club or just load up your bookshelf with books you’re dying to read. Exploring your passions can help you feel motivated, fulfilled, and inspired. Now is the time in your life to open doors, not close them.
Recommended: What Should I Do After My Master’s Degree?
Getting Your Finances Organized
Once you graduate from college and join the working world, it’s likely time to look at whether your current banking partner suits your needs.
It can be a wise move to look for a bank that offers a good interest rate on your deposits, convenient access, and tools that help you track your money in a quick and convenient way.
As you organize your money (and don’t forget to start that emergency fund mentioned above), you may realize that one expense that may really be bringing you down is your student loan debt payments.
The average federal student loan debt is currently $37,338, according to the Education Data Initiative. Is student loan debt weighing you down? There are a few strategies you can use to help pay off your student loan debt quicker. You might start your journey to a student loan-free life by creating a monthly budget that can help you get out of debt.
• To create a budget that can assist with paying off debt, you could start by gathering all of your bills and recent receipts. Review exactly what you need to spend on necessary living expenses (rent, food, health insurance, minimum debt payments), how much you are spending on the wants in life (travel, entertainment, clothing), and how much you can save or put toward additional debt payment.
• There are different budgeting methods, and it’s a good idea to spend a bit of time finding the one that works for you. For instance, you might like the 50/30/20 budget rule, which says to allocate 50% of your take-home pay to necessities, 30% to wants, and 20% to savings and extra debt payoff.
Whichever technique you choose, do compare the cost of your living expenses to your paystubs to see how much you can afford to pay towards debt each month. Creating a budget can help you not only pay off your debt, but avoid accumulating more debt in the future.
Recommended: Which Debt to Pay Off First: Student Loan or Credit Card?
The Takeaway
Once you have your monthly budget under control, you might be considering refinancing your student loans as part of how you navigate life post-college. You may be able to lower your interest rate, lower your monthly payments by extending your repayment term, or release a co-signer from a previous loan.
Do note that lengthening your repayment term can increase the interest you’ll pay throughout the life of your loan.
Refinancing comes with many benefits, but keep in mind that you lose federal benefits and protections when you refinance federal loans with a private lender. But if you are not planning on taking advantage of these benefits, refinancing might be for you.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
SoFi Student Loan Refinance If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.
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The most popular time to list and buy a home during the year generally tends to be spring. In fact, many homeowners like to list their properties during the warmer weather months because that’s when it’s easiest to show off their homes’ curb appeal.
Similarly, as a buyer, you might prefer to do your house hunting in the spring. That way, you won’t have to deal with frigid weather and snowstorms en route to see different properties.
But actually, winter can be a great time to buy a home — in general and today especially. Here’s why.
1. You might have less competition
The U.S. housing market is sorely lacking inventory right now. As of the end of October, there was only a 3.6-month supply of available homes, as per the National Association of Realtors. And it can easily take a six-month supply to fully satisfy buyer demand.
At a time when inventory is low, it’s a good thing to have less competition when you’re looking to buy a home. Since winter isn’t a very popular time for buyers to be looking, you may find that if you push forward with your home search in January or February, you might have certain listings all to yourself.
This gives you more leeway to negotiate with sellers. And it also means you may not have to worry about landing in a bidding war.
More: Check out our picks for the best mortgage lenders
2. You might see lower prices
Despite higher mortgage rates that may be pushing some buyers out of the market, housing prices are still high. And the reason largely boils down to a lack of inventory.
If you buy a home during the winter, you might see it listed for less, since sellers know that it’s not necessarily a great time to find a buyer. And at a time when mortgage lenders are charging such high rates, shaving a little money off of the purchase price of a home could result in a nice amount of savings.
3. You’ll get a chance to see how well specific homes fare in the cold
You may be willing to commit to the expense of a mortgage if it means getting to enjoy a comfortable living space of your own. But unless you actually go and visit a home during the heart of winter, you can’t necessarily be confident that it will, in fact, be comfortable when temperatures are plunging.
On the other hand, if you go to see a house on a 20-degree day and find that it’s nice and toasty inside, it’s a sign that the heating system works and that the insulation is decent and doing its job. That’s a good thing, because paying for a heating system upgrade is an expense you may not want to bear after emptying your bank account to put a down payment on a home.
Buying a home in winter does have some drawbacks. Weather issues aside, it’s hard to get a sense of a home’s landscaping during the winter. And there are certain outdoor features you may not get to test out, like a pool, if you’re conducting your search in January. But for the above reasons, it pays to consider looking for a home this winter — especially if you’re hoping to buy at a time when inventory is tight and prices remain stubbornly elevated.
Do you want to learn how to sell breast milk and make extra money? If you have extra breast milk, then selling it can be a good way for moms to make some extra money while also helping babies (and others) who need it or want it. Today you will learn how to sell breast…
Do you want to learn how to sell breast milk and make extra money?
If you have extra breast milk, then selling it can be a good way for moms to make some extra money while also helping babies (and others) who need it or want it.
Today you will learn how to sell breast milk safely and legally, how much money you might be able to make, and how to make more milk if you want to.
Recommended reading: 27 Ways To Make Money on Maternity Leave
Key Takeaways
Selling breast milk can help you make extra income as well as help babies in need.
Correct hygiene and storage are extremely important, as you don’t want anyone to get sick from your milk.
You can use websites and milk banks to sell or give away your breast milk. Some moms might give their milk away for free, while others might want to sell it for some extra money. There’s no right or wrong way.
You can earn around $1 to $2 for each ounce of breast milk. Babies usually drink about 20 to 30 ounces each day, so this means you could make a good amount of money.
How To Sell Breast Milk
Is selling breast milk legal?
Selling breast milk is legal in most countries, such as in the United States.
However, you will want to check the rules in your area about selling bodily fluids as this will help you follow the law when you sell your breast milk. If you contact any of the milk banks listed below, they should be able to help you figure this out.
Is there a market for breast milk?
Yes, there is definitely a market for breast milk. Some new moms produce more milk than their babies need, and some moms struggle to produce enough.
By selling your extra milk, you can help parents who need milk, while making extra money. The demand for breast milk is mainly driven by mothers who struggle with low milk production or those who cannot produce milk at all.
But, there are other reasons why people buy breast milk as well, such as bodybuilders like breast milk because it’s high in fat and has a lot of calories.
You can decide who you want to sell your breast milk to. So, if anything makes you uncomfortable, simply state so.
Also, it is hard work pumping milk, so you will want to carefully think about the pros and cons to make sure it is worth it for you.
How much can you sell breast milk for?
If you have a large milk supply, you may be able to make a decent side income by selling your breast milk, and you may be able to earn around $1 to $2 per ounce.
I’ve read stories online where some people say that they earn $1,000 or even $2,000 a month selling their breast milk. While that’s most likely not the norm, as that would be a lot of extra milk supply that you have, you may still be able to earn at least some extra cash from the breast milk that you won’t be using.
6 Best Places To Sell Breast Milk
Below are the best places to sell breast milk to.
1. Only the Breast
Only the Breast is a popular site specifically for buying and selling breast milk. On this website, you can create breast milk listings and connect with possible buyers.
I browsed the site and they currently have over 3,000 listings for breast milk for sale. You can sell your breast milk in bulk for $0.25 to $0.50 per ounce, or not in bulk at $1.00 per ounce. You can also choose to sell your milk through a local listing on this site.
There were also several hundred listings on this site from people who were looking for specific breast milk to buy, which is a good sign that there are a lot of buyers out there!
With Only the Breast, you can also choose who you sell your breast milk to, such as only for babies and not for adults to drink.
2. Tiny Treasures Milk Bank
Tiny Treasures Milk Bank is a milk bank that pays $1.10 an ounce to healthy breastfeeding mothers for their time and effort. This company will give you the breast milk storage bags to put your milk into, but you will have to use your own pump.
This company works with Prolacta BioScience to make life-saving human milk-based nutritional products for ill and premature infants. They mostly sell their products to hospitals, but some are also used for research.
3. BreastfeedingMomsUnite
BreastfeedingMomsUnite is an online milk community and classified site covering all things related to breastfeeding, including the sale of breast milk.
You simply start by creating a milk ad with information about you and what you are selling. Once you have agreed on a deal with a parent, you then ship them your breast milk, usually on dry ice to make sure that it stays frozen.
4. Craigslist
Craigslist is a site where you can post an ad for selling pretty much anything, such as breast milk. While it is not the most specific site for this purpose, your listing can possibly reach a wide audience in your local area.
In your ad on Craigslist, you will want to include a picture of the milk you are selling, your price, and some information about you such as your medical history and drug use.
I did a quick search on Craigslist and found breast milk listings in several cities and the prices ranged from around $1.00 to $5.00 per ounce.
As always with Craigslist, be careful when dealing with potential buyers (make sure to meet in a public place) and you will want to make sure you have safe transactions.
5. Facebook groups
There are many Facebook groups that are dedicated to the buying and selling of breast milk.
You can search for groups in your area or country and join them to connect with potential buyers.
I hopped on Facebook and simply searched for “sell breast milk” in the search bar and a ton of Facebook groups popped up that I could join to sell breast milk. There are breast milk sale groups for different countries, different states, and even ones that are for a specific purpose (such as for sick babies or even bodybuilders).
Then, you will most likely post an ad for your breast milk, or see if there are any “wanted” listings that suit what you are trying to sell.
Donating breast milk
Donating breast milk can be a great way to help moms who are having trouble nursing or babies in need of human milk.
To donate breast milk, you may want to contact milk banks or organizations that handle milk donation such as the Human Milk Banking Association of North America (HMBANA). HMBANA is dedicated to making sure that all babies have access to human milk, either through breastfeeding or the use of pasteurized donor breast milk. Check out their website to find out more details on how to become a donor.
Another idea that you might also be interested in is donating your breast milk through informal milk sharing. La Leche League International mentions that some families practice cross-nursing or co-nursing, where babies receive human milk from people who are not their parents.
Before you donate your breast milk, you will need to make sure that it’s safe, and donated breast milk should be free from contamination to make sure the baby who is drinking the milk is safe. The American Academy of Pediatrics and the Food and Drug Administration recommend milk banks over online sites for this reason.
Here are a few tips for safe breast milk donation:
Always use sterile containers when you pump and store your breast milk.
Freeze your breast milk as soon as possible after pumping to preserve its quality.
Label your containers with the date of pumping to make it easier for donation centers to track and manage their inventory.
Make sure to follow the guidelines that the milk bank or donation group tells you (there’s usually a list that they will give you so that you know what to do and what not to do).
Things To Think About When Donating Or Selling Breast Milk
Here are some things to think about when selling breast milk.
Health and safety considerations
Before you sell your breast milk, you will, of course, want to make sure that it’s really clean and safe. So, this means you should get a good breast pump, keep everything clean, and store the milk in the correct temperatures at the right time.
Also, usually you cannot donate or sell breast milk if you are a smoker, if you have positive STD results, if you use medications, have tattoos, had a recent organ or tissue transplant, had a recent blood transfusion, and more. Milk banks typically want breast milk from healthy donor mothers.
You may have to take a blood test, get tested for things such as HIV, syphilis, or illegal drugs, and more before you can qualify to sell or donate breast milk. Some companies may require samples of breast milk as well before you get started.
Legal aspects
If you’re selling breast milk online, you should always be honest about yourself and your milk. You should share info about your health, what you eat, and how you live because it affects the milk’s quality and what a person may be looking for. This is SUPER important!
Challenges and risks
Selling breast milk can be a bit tricky as you have to find a place to sell it, usually on websites or social media groups. Sending it can be hard too, because it has to stay really cold so that it doesn’t melt and become spoiled.
Also, it takes a lot of time and effort to pump, which all moms know.
Personally, I pumped for over one year, and I found it to be very hard and time consuming. So, you will want to make sure that it is worth it for you.
If you remember these things and stay healthy and safe, selling your breast milk can be a good way to earn money and help babies who need it.
How To Increase Your Milk Supply
If you want to sell breast milk, you may be interested in knowing how to increase your supply. To help increase your milk supply, here are some tips.
Milkology course
Milkology is a site that has several breastfeeding and pumping resources. It is a resource for breastfeeding mothers who want to learn how to increase their milk supply.
I personally took this course when I was learning how to breastfeed and pump breast milk, and I thought it was very helpful (and affordable!).
These resources cover everything related to breastfeeding and nursing, including how to maintain a healthy breast milk supply which can be super helpful for those who want to sell breast milk.
To increase milk supply, here are some tips to get started:
Nurse frequently – Aim for at least 8 to 12 feedings a day, approximately every two to three hours. Eventually, you can lower it, but in the beginning this is very important.
Breast pump – You will want to use a breast pump to help with milk production without feeding a baby, especially if you plan to sell breast milk. A hands-free pump is also a lifesaver so that you can do things while pumping.
Relax – I know this is easier said than done, but relaxing can really help to increase your milk supply. So, you may want to watch some TV, read a book, or eat a snack while pumping.
Include lactation-supporting foods in your diet – This includes foods such as fenugreek, oatmeal or oat milk, fennel seeds, lean meat and poultry, and garlic.
By using these tips and taking the Milkology course, you may be able to increase your breast milk supply so that you can sell more breast milk.
Frequently Asked Questions About How To Sell Breast Milk
Below are answers to common questions about how to sell breast milk.
Who buys breast milk?
Some people who might buy your breast milk include moms who can’t make enough milk and parents who adopt babies. Some adults might also buy it for themselves too.
Is it wrong to sell breast milk instead of donating it?
I know how hard it is to pump and to find the time to do so. I believe that your time is worth something, so do not feel bad about selling your breast milk if that is what you want to do. Plus, I have talked to many moms who have said that they would gladly pay for breast milk when they need it, because they know how hard it is to do and how valuable a mother’s time is.
Is it ethical to sell breast milk to bodybuilders online?
Some bodybuilders drink donor breast milk because of the high protein, calories, and fat in it. The ethics of selling breast milk to bodybuilders is personal, and some believe it’s an acceptable and mutually beneficial arrangement as long as both parties consent (the mother and the bodybuilder that is), but other people may find it inappropriate. It’s really just a personal decision.
How to sell breast milk to bodybuilders?
To sell breast milk to bodybuilders, you can create a listing on breast milk classifieds sites and make sure your listing targets the bodybuilding community. You can also join specific forums or Facebook groups for bodybuilders and breastfeeding to connect with potential buyers. I did a quick search on Facebook and I found several Facebook groups that are all about selling breast milk to bodybuilders, so that is probably a good place to start if you are interested.
Where can I find milk banks near me?
To find milk banks near you, you can look for accredited milk banks through the Human Milk Banking Association of North America (HMBANA). They have a directory on their website with a list of approved banks in North America. Also, you can check for local milk banks or lactation support groups in your area.
Where to sell breast milk online?
To sell breast milk online, you can use websites like Only the Breast. They help people who want to buy and sell. You can also put up ads on regular websites or join Facebook groups for this.
How To Sell Breast Milk – Summary
I hope you enjoyed this article on how to sell breast milk.
Selling breast milk is such a hot topic. I understand that pumping breast milk can be tough and finding time for it can be a challenge. It’s important to remember that your time is valuable, so don’t feel guilty about selling instead of donating your breast milk, if that’s something you choose to do.
There are many places to sell breast milk to as well, so you can actually make extra money doing this.
Have you ever thought about selling breast milk? What do you think about selling breast milk?
Mortgage rates are hitting lower milestones like it’s their nine to five recently and today was just another day at the office. The average lender was only modestly lower versus yesterday, but since yesterday was effectively a 4 month low, today therefore deserves the same recognition.
In fact, today’s version is a bit more legitimate as we no longer need to make any excuses for the brief moments on August 6th-9th when the average was microscopically lower. Today’s rate sheets are now clearly a bit better than those.
If rates seem determined to improve, it’s because economic data has remained supportive of that effort. Today’s ADP Employment was lower than expected. While this wasn’t a huge deal for rates, it didn’t hurt. 15 minutes later, Q3 labor cost data came in 0.3% below forecasts, adding to the gains. After the data, oil prices and foreign central bank comments helped maintain the supportive environment.
These factors won’t always ensure the same reaction in rates, but at present, the bond market is receptive to any sign of a shift in the economy, inflation, and the official policy response. On that note, there’s a lot of anticipation for Friday’s big jobs report and the updated rate outlook from the Fed next Wednesday. In short, markets are increasingly getting in position for the data and the Fed to confirm that the perceived shift in rate momentum is valid and sustainable.